FNB and union agree on wages

First National Bank of Namibia (FNB) and the Namibia Bank Workers Union (NBWU) has signed a agreement on the terms of the 2013/2014 salary increment agreement. The new offer amounts to approximately 11.3% overall, which includes 7.7% including medical aid of a 70:30 ratio.
“We are pleased to announce the terms of the 2013/2014 salary increase agreement to increase salaries for the 2013/2014 financial year by an average of 7.7%, including the medical aid 70/30 ratio. This new offer amounts to approximately 11.3% overall. FNB will pay 70% of the current medical aid contributions of all employees in the bargaining unit, while employees will pay 30%” said FNB’s Head of Human Resources, Florentia Amuenje.
The Bank also announced that it has improved the housing loan qualification amount for employees in the bargaining unit.
The new housing loans qualifying amount increaed to N$650,000 in band D from N$600,000; N$550,000 in band E from N$450,000 and in band F from N$250,000 to N$400,000.
“The dates of payment of salary and benefit increases was 1 August 2013 and the effective date for housing limit increases will be 01 January 2014. The discretionary bonuses will also be paid with effect 01 August 2013,” said Amuenje.
Lawrence Ihuhua, Secretary General of the Namibia Bank Workers Union said “The bank argued that they want to pay a reasonable salary for performing staff while looking after the interest of stakeholders while the union’s mandate is to improve the working life of our members.” The union initially demanded a 12% increase plus other benefits such as housing and transport.